It took the US dollar only one day to bounce back to its early 2003 quotations, after almost three months of decreases. The National Bank of Romania (NBR) yesterday calculated an exchange rate of 33,517 ROL/USD, up from the 32,769 ROL/USD in the previous day and even 17 units more than the benchmark prices at the beginning of the year - 33,500 ROL/USD. The dollar's increase on the Bucharest market was in fact fuelled by the evolution of the EUR/USD rates on the international markets, where the euro hit 1.055 dollars yesterday, down from the 1.0640 USD/EUR in the morning hours.
According to analysts, even if the dollar yesterday lost some of the ground it had managed to gain against the single European currency, the outlook of a short war in Iraq, to be won by the allies, is "the wind beneath the wings" of the US currency.
There is one more reason yesterday was important for the Bucharest financial market: the first central bank intervention on the forex market since the change of the benchmark currency. NBR was present on the market yesterday and bought indirectly, through banks, almost 30 million euros to put a stop to the decline of the ROL/EUR exchange rate.
The European currency plunged to 35,230-35,280 ROL, while the market saw many Sell orders.
"This trend was only natural, given the dropping EUR/USD ratio on the international markets. Then, at least in our case, the clients issued rather large Sell orders. Last but not least, there are banks that can afford to sell euros now and use their ROL for the high rates that have been available these days on the money market (i.e. given the scarce liquidity on the market, rates yesterday went up to 35-38% yearly)," Adrian PAâsrvulescu, head arbitrageur of Banca Comerciala RomAâsna (Romanian Commercial Bank - BCR) told Ziarul Financiar.
Quotations gradually dropped to 35,150 ROL/EUR, the day's record-low, almost 300 units below yesterday's levels. At that point, the market became jittery and the central bank launched the first Buy orders for euros, through one of the largest banks in the system.
"The trading session was extremely agitated, with significant traded volumes, much above the average of a normal day and, for the first time after the shift to the euro, NBR's presence was indirectly felt," says Bogdan Mihoc, treasurer of HVB Bank Romania.
The euro reached 35,450 ROL yesterday, with the National Bank announcing a rate of 35,439 ROL/EUR, up 19% since the previous day. The ROL has lost 1.48% to the euro since the beginning of the year, while the dollar gained 0.05% against the Romanian leu.
Pentru alte știri, analize, articole și informații din business în timp real urmărește Ziarul Financiar pe WhatsApp Channels
